Unqualified Opinion:

To the Members of Grant Thornton CLEARR Example Pty Ltd

We have audited the accompanying financial report, being a special purpose financial
report, of Grant Thornton CLEARR Example Pty Ltd (the Company), which comprises
the statement of financial position as at 31 December 2011, and the statement of
comprehensive income, statement of changes in equity and statement of cash flows for
the year ended on that date, a summary of significant accounting policies, other
explanatory notes to the financial report and the directors declaration of the company .
Directors responsibility for the financial report
The Directors of the Company are responsible for the preparation and fair presentation
of the financial report, and have determined that the accounting policies used and
described in Note 1 to the financial report, which form part of the financial report, are
appropriate to meet the requirements of the Corporations Act 2001 and the needs of the
members. This responsibility includes establishing and maintaining internal controls
relevant to the preparation and fair presentation of the financial report that are free from
material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the
circumstances
Auditors responsibility
Our responsibility is to express an opinion on the financial report based on our audit.
We conducted our audit in accordance with Australian Auditing Standards which require
us to comply with relevant ethical requirements relating to audit engagements and plan
and perform the audit to obtain reasonable assurance whether the financial report is
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and disclosures in the financial report. The procedures selected depend on the auditors
judgement, including the assessment of the risks of material misstatement of the
financial report, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the
Companys preparation and fair presentation of the financial report in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Companys internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the Directors, as well as evaluating
the overall presentation of the financial report.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion.

Independence
In conducting our audit, we have complied with the independence requirements of the
Corporations Act 2001.
Auditors opinion
In our opinion:
the financial report of Grant Thornton CLEARR Example Pty Ltd is in
accordance with the Corporations Act 2001, including:
i.

giving a true and fair view of the Companys financial position as at 31

December 2011 and of its performance for the year ended on that date in
accordance with the accounting policies described in Note 1; and

ii.

complying with Australian Accounting Standards to the extent described in

Note 1 and complying with the Corporations Regulations 2001.

Basis of accounting
Without modifying our opinion, we draw attention to Note 1 to the financial report, which
describes the basis of accounting. The financial report has been prepared for the
purpose of fulfilling the directors' financial reporting responsibilities under the
Corporations Act 2001. As a result, the financial report may not be suitable for another
purpose.

GRANT THORNTON AUDIT PTY LTD

Chartered Accountants

A Archer
Director - Audit & Assurance
Sydney, 31 March 2012

Qualified Opinion: Disagreement

AUDITORS REPORT TO THE SHAREHOLDERS OF XYZ PLC
We have audited the financial statements on pages . . . to . . . which have been
prepared under the historical cost convention [as modified by the revaluation of certain
fixed assets] and the accounting policies set out on page . . . .
Respective responsibilities of directors and auditors
As described on page . . . the companys directors are responsible for the preparation of
financial statements. It is our responsibility to form an independent opinion, based on
our audit, on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to
the amounts and disclosures in the financial statements. It also includes an assessment
of the significant estimates and judgements made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate to the
companys circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance as to whether the financial statements are free
from material misstatement, whether caused by fraud or other irregularity or error. In
forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.
Qualified opinion arising from disagreement about accounting treatment
Included in the debtors shown on the balance sheet is an amount of Y due from a
company which has ceased trading. XYZ plc has no security for this debt. In our opinion
the company is unlikely to receive any payment and full provision of Y should have
been made, reducing profit before tax and net assets by that amount.
Except for the absence of this provision, in our opinion the financial statements give a
true and fair view of the state of the companys affairs as at 31 December 19.. and of its
profit [loss] for the year then ended and have been properly prepared in accordance
with the Companies Act 1985.
Registered auditors
Address
Date

Disclaimer of Opinion:
AUDITORS REPORT TO THE SHAREHOLDERS OF XYZ PLC
We have audited the financial statements on pages . . . to . . . which have been
prepared under the historical cost convention [as modified by the revaluation of certain
fixed assets] and the accounting policies set out on page . . . .
Respective responsibilities of directors and auditors
As described on page . . . the companys directors are responsible for the preparation of
financial statements. It is our responsibility to form an independent opinion, based on
our audit, on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing
Practices Board, except that the scope of our work was limited as explained below.
An audit includes examination, on a test basis, of evidence relevant to the amounts and
disclosures in the financial statements. It also includes an assessment of the significant
estimates and judgements made by the directors in the preparation of the financial
statements, and of whether the accounting policies are appropriate to the companys
circumstances, consistently applied and adequately disclosed.
We planned our audit so as to obtain all the information and explanations which we
considered necessary in order to provide us with sufficient evidence to give reasonable
assurance that the financial statements are free from material misstatement, whether
caused by fraud or other irregularity or error. However, the evidence available to us was
limited because we were appointed auditors on (date) and in consequence we were
unable to carry out auditing procedures necessary to obtain adequate assurance
regarding the quantities and condition of stock and work in progress, appearing in the
balance sheet at ... Any adjustment to this figure would have a consequential
significant effect on the profit for the year.
In forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.
Opinion: disclaimer on view given by financial statements
Because of the possible effect of the limitation in evidence available to us, we are
unable to form an opinion as to whether the financial statements give a true and fair
view of the state of the companys affairs as at 31 December 19.. or of its profit [loss] for

the year then ended. In all other respects, in our opinion the financial statements have
been properly prepared in accordance with the Companies Act 1985.
In respect alone of the limitation on our work relating to stock and work-in-progress:

we have not obtained all the information and explanations that we considered
necessary for the purpose of our audit; and
we were unable to determine whether proper accounting records had been
maintained.

Registered auditors
Address
Date

Adverse Opinion:
AUDITORS REPORT TO THE SHAREHOLDERS OF XYZ PLC
We have audited the financial statements on pages . . . to . . . which have been
prepared under the historical cost convention [as modified by the revaluation of certain
fixed assets] and the accounting policies set out on page . . . .
Respective responsibilities of directors and auditors
As described on page . . . the companys directors are responsible for the preparation of
financial statements. It is our responsibility to form an independent opinion, based on
our audit, on those statements and to report our opinion to you.
Basis of opinion
We conducted our audit in accordance with Auditing Standards issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of evidence relevant to
the amounts and disclosures in the financial statements. It also includes an assessment
of the significant estimates and judgements made by the directors in the preparation of
the financial statements, and of whether the accounting policies are appropriate to the
companys circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and
explanations which we considered necessary in order to provide us with sufficient
evidence to give reasonable assurance as to whether the financial statements are free
from material misstatement, whether caused by fraud or other irregularity or error. In

forming our opinion we also evaluated the overall adequacy of the presentation of
information in the financial statements.
Adverse opinion
As more fully explained in note . . . no provision has been made for losses expected to
arise on certain long-term contracts currently in progress, as the directors consider that
such losses should be offset against amounts recoverable on other long-term contracts.
In our opinion, provision should be made for foreseeable losses on individual contracts
as required by Statement of Standard Accounting Practice 9. If losses had been so
recognised the effect would have been to reduce the profit before and after tax for the
year and the contract work in progress at 31 December 19.. by ...
In view of the effect of the failure to provide for the losses referred to above, in our
opinion the financial statements do not give a true and fair view of the state of the
companys affairs as at 31 December 19.. and of its profit [loss] for the year then ended.
In all other respects, in our opinion the financial statements have been properly
prepared in accordance with the Companies Act 1985.
Registered auditors
Address
Date

Compliance Audit (Unqualified):

Independent Accountants Report
Maryland Workers Compensation Commission
We have examined (Self-Insurers) compliance with the laws and regulations relating to
their workers compensation self-insurance plan in the State of Maryland for the three
years ended June 30, 20XX as shown in Exhibit B, (Self-Insurers) management is
responsible for compliance with these requirements. Our responsibility is to express an
opinion on (Self-Insurers) compliance based on our examination.
Our examination was conducted in accordance with the attestation standards
established by the American Institute of Certified Public Accountants, and, accordingly,
included examining on a test basis, evidence about (Self-Insurers) compliance with
these requirements and performing such other procedures as we considered necessary
in the circumstances. We believe that our examination provides a reasonable basis for
an opinion. Our examination does not provide a legal determination on (Self-Insurers)
compliance with specified requirements.

In our opinion, (Self-Insurer) not complied, in some material respects, with the
aforementioned requirements for the three years ended June 30, 20XX.
This report is intended solely for the information and use of the Commission and is not
intended to be and should not be used by anyone other than the specified party.
Independent Accountants signature

Operational Audit (Unqualified):

Statement of Assurance
This operational audit engagement was planned and conducted in accordance with the
Treasury Board's Policy on Internal Audit and the Institute of Internal Auditors Standards
for the Professional Practice of Internal Auditing.
Audit Opinion
The audit team found that there are effective and efficient regulatory processes,
systems and procedures in support of achieving the Canadian Radio-television and
Telecommunications Commission (CRTC) statutory mandate. In addition, CRTC
initiatives being conducted to enhance regulatory processes, service delivery and
promoting management excellence were found to be effective. The audit evidence
gathered is sufficient to provide senior management with reasonable assurance of the
results derived from this audit.
Summary of Audit Findings
The audit team found that the regulatory processes, systems and procedures were
effective and efficient; that the services were delivered in a fair, open, transparent and
timely basis and in a manner that minimizes the regulatory burden on all stakeholders;
and that the staff was dedicated and prepared to do the work required, meeting the
needs of both industry and the public.
Through participation in the Future Direction initiative, CRTC staff have, in addition to
their regular duties, developed and implemented proposals that will enhance the
regulatory processes, service delivery and promote management excellence.
The existing information systems used to collect and provide information in support of
decision-making and accountability were found to be effective and meeting the needs of
the users. The CRTC has developed a strategic plan that identifies actions to be taken
to upgrade and improve the information systems to increase efficiency and reliability.
The plan has been initiated and is addressing a number of key Information Technology
(IT) priority areas.
Since the CRTC is a regulatory entity, it requires a variety of monitoring mechanisms,
both internal and external. These mechanisms were found to be effective and the

results were being regularly used for regulatory policy and management decision
making.
Ongoing and planned initiatives to enhance stakeholder interaction with the CRTC were
found to be effective. A number of projects have been initiated to improve the
distribution and collection of information to and from stakeholders. CRTC Operational
Audit 4
The interface between the four sectors of Broadcasting, Telecommunications, Policy
Development and Research, and Corporate Services and Operations was found to be
effective in supporting the enhanced regulatory processes and results. An appropriate
governance structure was in place that ensured management direction, and plans and
actions were understood, appropriate and responsible.
The management control framework in place provides a clearly defined strategic
direction that is aligned to the CRTC mandate. The 3-Year Work Plan, the Report on
Plans and Priorities, and the Program Activity Architecture address the organizations
outcomes, priorities and related action plans. A Performance Measurement Framework
was recently enhanced and will improve the ability of the CRTC to report performance in
future Departmental Performance Reports.
Summary of Audit Observations
The audit team identified four primary management areas that it believes, when
addressed, will enhance processes, systems and practices. The project management
authority for the key area of streamlined rules and regulations as well as other initiative
activities should be clarified and progress reporting should be complete and timely.
An integrated planning and reporting process should be developed and implemented,
and a pre-set forward agenda established to ensure that all major planning and
reporting elements are reviewed at specified times throughout the year.
The responsibility for financial monitoring should be reiterated to Responsibility Center
Managers.
The Five Year IM/IT Roadmap should identify the specific projects for each of the five
years, the estimated project cost and how each project ties into the IT and corporate
strategic objectives.
Further elaboration on the above four management areas, as well as administrative
areas of potential improvement, is provided in the body of the audit report.
Management Action
The CRTC is addressing the recommendations in this report. Specific responses to
each recommendation are provided in the body of the audit report.